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HSBC plans 9% one-year contingent income autocalls tied to Delta
By Susanna Moon
Chicago, Aug. 29 – HSBC USA Inc. plans to price contingent income autocallable securities due Sept. 5, 2019 linked to Delta Air Lines, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if the stock closes at or above the 75% downside threshold on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any of the first three determination dates.
The payout at maturity will be par unless the stock finishes below its 75% downside threshold, in which case investors will lose 1% for each 1% decline.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price on Aug. 31.
The Cusip number is 40435X421.
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